Does BitCrystals depend on Bitcoin? According to the correlation analysis, BTC and BCY have a very strong positive relationship. The correlation coefficient of their prices is 0.84, which was computed based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient indicates that the prices of the assets are going in the contrary trend while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and BitCrystals connection is positively strong, it means that when BTC is growing BCY will rise as well. The negative strong relation will indicate that when BTC is rising BCY price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitCrystals. If we take all the circumstances affecting the price of BCY as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other circumstances, such as media, technological releases or regulations.